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[商业新闻] 【整理】2007-12-27&12-29, 2008亚洲市场预测

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应该是Goldman Sachs
on dufefairy

No,this is where everybody has been anticipated because when came out as a report almost two years ago talk about BRIC.It's basically Brazil,Russia,India and China.And this four country because given the,I mean,the people and education level and/ economic growth of this four country that definitely,you know,this four markets,everyone has anticipated them to be performing well.

OK.On that basis then,2008 we will see pretty much more of the same?
Yes,I will say 2008 is gonna be pretty much the same thing and I think we would talk about Asia's,I think maybe Vietnam has a stand of very good chance to be performing very well as well.

We are just looking at Vietnam that was a 28% compared with say India 30% to 40%,and Shanghai nearly 85%.So Vietnam underperformed at the moment why do you like it in 2008?
Vietnam is underperforming is because of the width and depth of the market because right now the entire,you know,stock exchange market capitalization is only about 20 billion dollars and given that they are still in the very primitive stage and there is a lot of room for growth.So once,you know,you will see more of the state-owned enterprises as well as the private,I will say,privately-owned company go on to be listed in Vietnam.You will be seeing a very different kind of market and also they are trying,the Vietnam's government is trying to improve the infrastructure of both exchanges in Hanoiand Ho Chi Minh city.
Looking at Shanghai and India,the two best performing markets in 2007,there was talk this year,a lot of talk that certainly Shanghai was overheating.It was a bubble forming,to a less degree,India as well getting too hot.But you are saying it's still gonna be very hot next year?
Yes, because when you look at the liquidity of the market.There's still a lot of excess money or hot money is travelling around,you know,globally and when you look at the opportunities,this take for example,the US's subprime worries and probably that's gonna lead to some economic declines because the consumers are not gonna spend and Japan isn't enough for that well.And where are you gonna put your money?Right?And given that India and China,the fundementals are still there,the economic growth is still very strong and everyone is predicting at least 10% of growth of GDP next year.And given that,you know,the fundemantal plus,there are a lot of money outfloating.So this two market will definitely be performing very well next year.

Do you think looking at the economic fundementals of the stock market the people talk about though that these two markets are probably overvalued,they are probably in a bubble situation.
I will say this is really way too early to say that bubble is forming because given that when you are in an emerging market,you tend to give them a little bit higher in terms of PE or PB ratio.That is because they were enjoying a better growth than the developed countries.It's just like for the same kind of banks that in China you get 4.5 times PB price book,but you won't be able to get that in the States because for Citibank probably about 2.5 times price book ratio.That's about it.

Finally, how does a retailing investor play a market like Shanghai or India,particularly Shanghai because it's so close to outside investors.
You will be able to buy some ETF exchange, trade / fund, and you are able to buy into some of the funds
that is Chinafocus and I think that would be the best way for you to participate in the market but again,you will always have to look at any of your investment on the 12-month horizon.If you were just thinking about,you know,just like tradin g an individual stock punting the market,sometimes that is not gonna get you the return you are hoping for.

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No, this is where everybody has been anticipated because when Goldman Sachs came out as a report almost two years ago talked about BRIC, explicitly, Brazil, Russia, India and China. And this four country because given the, I mean, the people and education level and the economic growth of this four country that definitely, you know, this four markets, everyone has anticipated them to be performing well.

OK. On that basis then, 2008 we will see pretty much more of the same?


Yes, I will say 2008 is gonna be pretty much the same / and I think if less we would talk about Asia's, I think maybe Vietnam has a stand of very good chance to be performing very well as well.

We are just looking at Vietnam that was a 28% compared with say India 30% to 40%,
to Shanghai nearly 85%.So Vietnam underperformed at the moment why do you like it in 2008?


Vietnam is underperforming is because of the width and the depth of the market because right now the entire, you know, stock exchange market capitalization is only about 20 billion dollars and given that they are still in a very primitive stage and there is a lot of room for growth. So once, you know, you will see more of the state-owned enterprises as well as the private, I will say, privately-owned company go on to be listed in Vietnam. You will be seeing a very different kind of market and also they are trying, the Vietnam's government is trying to improve the infrastructure of both exchanges in Hanoi and Ho Chi Minh City.


Looking at Shanghai and India, the two best performing markets in 2007, there was talk this year, a lot of talk that certainly Shanghai was overheating. It was a bubble forming, to a less degree, India as well getting too hot. But you are saying it's still gonna be very hot next year?


Yes, because when you look at the liquidity of the market. There's still a lot of excess money or hot money is traveling around, you know, globally and when you look at the opportunities, this take for example, the US's subprime worries and probably that's gonna lead to some economic declines because the consumers are not gonna spend and Japan isn't enough for that well. And where are you gonna put your money, right? And given that India and China, the fundamentals are still there, the economic growth is still very strong and everyone is protecting at least 10% of growth of GDP next year. And given that, you know the fundamental plus, there are a lot of money out floating. So these two markets will definitely be performing very well next year.

Do you think looking at the economic
fundamentals of the stock market the people talk about though that these two markets are probably overvalued, they are probably in a bubble situation.


I would say this is really way too early to say that bubble is forming because given that when you are in an emerging market, you tend to give them a little bit higher in terms of PE or PB ratio. That is because they were enjoying a better growth than the developed countries. It's just like for the same kind of banks that in China you get 4.5 times PB, price book, but you won't be able to get that in the States because for Citibank probably about 2.5 times price book ratio. That's about it.

Finally, how does a retailing investor play a market like Shanghai or India, particularly Shanghai because it's so close to outside investors
?


You will be able to buy some ETF, exchange trade fund, and you are able to buy into some of the funds that is China-focus and I think that would be the best way for you to participate in the market but again, you will always have to look at any of your investment on the 12-month horizon. If you were just thinking about, you know, just like trading an individual stock punting the market, sometimes that is not gonna get you the return you are hoping for.

 

 

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on dotdot

 

No, this is where everybody has been anticipated because when Goldman Sachs came out as a report almost two years ago talked about BRIC, explicitly, Brazil, Russia, India and China. And this four country because given the, I mean, the people and education level and the economic growth of this four country that definitely, you know, this four markets, everyone has anticipated them to be performing well.

OK. On that basis then, 2008 we will see pretty much more of the same?


Yes, I will say 2008 is gonna be pretty much the same / and I think if actually we would talk about Asia's, I think maybe Vietnam has / standed a very good chance to be performing very well as well.

We are just looking at Vietnam that was a 28% compared with say India 30% to 40%, to Shanghai nearly 85%.So Vietnam underperform
ing at the moment why do you like it in 2008?


Vietnam is underperforming is because of the width and the depth of the market because right now the entire, you know, stock exchange market capitalization is only about 20 billion dollars and given that they are still in a very primitive stage and there is a lot of room for growth. So once, you know, you will see more of the state-owned enterprises as well as the private, I will say, privately-owned company go on to be listed in Vietnam, you will be seeing a very different kind of market and also they are trying, the Vietnam's government is trying to improve the infrastructure of both exchanges in Hanoi and Ho Chi Minh City.


Looking at Shanghai and India, the two best performing markets in 2007, there was talk this year, a lot of talk that certainly Shanghai was overheating. It was a bubble forming, to a lesser degree, India as well getting too hot. But you are saying it's still gonna be very hot next year?


Yes, because when you look at the liquidity of the market. There's still a lot of excess money or hot money is traveling around, you know, globally and when you look at the opportunities, this take for example, the US's subprime worries and probably that's gonna lead to some economic declines because the consumers are not gonna spend and Japan isn't enough room for that as well. And where are you gonna put your money, right? And given that India and China, the fundamentals are still there, the economic growth is still very strong and everyone is protecting at least 10% of growth of GDP next year. And given that, you know the fundamental plus, there are a lot of money out floating. So these two markets will definitely be performing very well next year.

Do you think looking at the economic fundamentals of the stock market the people talk about though that these two markets are probably overvalued, they are probably in a bubble situation.


I would say this is really way too early to say that bubble is forming because given that when you are in an emerging market, you tend to give them a little bit higher in terms of PE or PB ratio. That is because they were enjoying a better growth than the developed countries. It's just like for the same kind of banks that in China you get 4.5 times PB, price book, but you won't be able to get that in the States because for Citibank probably about 2.5 times price book ratio. That's about it.

Finally, how does a
retail investor play a market like Shanghai or India, particularly Shanghai because it's so close to outside investors?


You will be able to buy some ETF, exchange traded fund, and you are able to buy into some of the funds that is China-focused and I think that would be the best way for you to participate in the market but again, you will always have to look at any of your investment on the 12-month horizon. If you were just thinking about, you know, just like trading an individual stock punting the market, sometimes that is not gonna get you the return you are hoping for.

 

 

 

我还在,你们在哪里?北星。翩然。芊芊。叶叶。。。。
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on 星星相印

No, this is where everybody has been anticipated because when Goldman Sachs came out as a report almost two years ago talked about BRIC, explicitly, Brazil, Russia, India and China. And this four country because given the, I mean, the people and education level and the economic growth of this four country that definitely, you know, this four markets, everyone has anticipated them to be performing well.

OK. On that basis then, 2008 we will see pretty much more of the same?


Yes, I will say 2008 is gonna be pretty much the same / and I think if actually we would talk about Asia's, I think maybe Vietnam has / standed a very good chance to be performing very well as well.

We are just looking at Vietnam that was a 28% compared with say India 30% to 40%, to Shanghai nearly 85%.So Vietnam underperforming at the moment why do you like it in 2008?


Vietnam is underperforming is because of the width and the depth of the market because right now the entire, you know, stock exchange market capitalization is only about 20 billion dollars and given that they are still in a very primitive stage and there is a lot of room for growth. So once, you know, you will see more of the state-owned enterprises as well as the private, I will say, privately-owned company go on to be listed in Vietnam, you will be seeing a very different kind of market and also they are trying, the Vietnamese government is trying to improve the infrastructure of both exchanges in Hanoi and Ho Chi Minh City.


Looking at Shanghai and India, the two best performing markets in 2007, there was talk this year, a lot of talk that certainly Shanghai was overheating. It was a bubble forming, to a lesser degree, India as well getting too hot. But you are saying it's still gonna be very hot next year?


Yes, because when you look at the liquidity of the market. There's still a lot of excess money or hot money is traveling around, you know, globally and when you look at the opportunities, this take for example, the US's subprime worries and probably that's gonna lead to some economic declines because the consumers are not gonna spend and Japan is not doing that / well. And where are you gonna put your money, right? And given that India and China, the fundamentals are still there, the economic growth is still very strong and everyone is projecting at least 10% of growth of GDP next year. And given that, you know the fundamental plus, there are a lot of money out floating. So these two markets will definitely be performing very well next year.

Do you think looking at the economic fundamentals of the stock market the people talk about though that these two markets are probably overvalued, they are probably in a bubble situation.


I would say this is really way too early to say that bubble is forming because given that when you are in an emerging market, you tend to give them a little bit higher in terms of PE or PB ratio. That is because they will enjoy/ a better growth than the developed countries. It's just like sort of same kind of banks that in China you get 4.5 times PB, price book, but you won't be able to get that in the States because for Citibank probably about 2.5 times price book ratio. That's about it.

Finally, how does a retail investor play a market like Shanghai or India, particularly Shanghai because it's so close to outside investors?


You will be able to buy some ETF, exchange traded fund, and you are able to buy into some of the funds that is China-focused and I think that would be the best way for you to participate in the market but again, you will always have to look at any of your investment on the 12-month horizon. If you were just thinking about, you know, just like trading an individual stock punting the market, sometimes that is not gonna get you the return you are hoping for.

 

 

MM 为什么把for the same kind of banks改掉了?

 

话说,这是去年的东西,我是没办法,你怎么也来改了?

我还在,你们在哪里?北星。翩然。芊芊。叶叶。。。。

原帖由 ghance 于 2008-12-23 15:08 发表 MM 为什么把for the same kind of banks改掉了?http://bbs.53kf.com/03/biaoqing/tu4/148.jpg   话说,这是去年的东西,我是没办法,你怎么也来改了?http://bbs.53kf.com/03/biaoqing/tu4/155.jpg

 

再听多一次,发现改错了。呵呵

是for the...

添乱来了

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No, this is where everybody has been anticipated because when Goldman Sachs came out as a report almost two years ago talked about BRIC, explicitly, Brazil, Russia, India and China. And this four country because given the, I mean, the people and education level and the economic growth of this four country that definitely, you know, this four markets, everyone has anticipated them to be performing well.

OK. On that basis then, 2008 we will see pretty much more of the same?


Yes, I will say 2008 is gonna be pretty much the same and I think if actually we would talk about Asia's, I think maybe Vietnam has standed a very good chance to be performing very well as well.

We are just looking at Vietnam that was a 28% compared with say India 30% to 40%, to Shanghai nearly 85%.So Vietnam underperforming at the moment why do you like it in 2008?


Vietnam is underperforming is because of the width and the depth of the market because right now the entire, you know, stock exchange market capitalization is only about 20 billion dollars and given that they are still in a very primitive stage and there is a lot of room for growth. So once, you know, you will see more of the state-owned enterprises as well as the private, I will say, privately-owned company go on to be listed in Vietnam, you will be seeing a very different kind of market and also they are trying, the Vietnamese government is trying to improve the infrastructure of both exchanges in Hanoi and Ho Chi Minh City.


Looking at Shanghai and India, the two best performing markets in 2007, there was talk this year, a lot of talk that certainly Shanghai was overheating. It was a bubble forming, to a lesser degree, India as well getting too hot. But you are saying it's still gonna be very hot next year?


Yes, because when you look at the liquidity of the market. There's still a lot of excess money or hot money is traveling around, you know, globally and when you look at the opportunities, this take for example, the US's subprime worries and probably that's gonna lead to some economic declines because the consumers are not gonna spend and Japan isn't enough room for that as well. And where are you gonna put your money, right? And given that India and China, the fundamentals are still there, the economic growth is still very strong and everyone is projecting at least 10% of growth of GDP next year. And given that, you know the fundamental plus, there are a lot of money out floating. So these two markets will definitely be performing very well next year.

Do you think looking at the economic fundamentals of the stock market the people talk about though that these two markets are probably overvalued, they are probably in a bubble situation.


I would say this is really way too early to say that bubble is forming because given that when you are in an emerging market, you tend to give them a little bit higher in terms of PE or PB ratio. That is because they will enjoy a better growth than the developed countries. It's just like sort of same kind of banks that in China you get 4.5 times PB, price book, but you won't be able to get that in the States because for Citibank probably about 2.5 times price book ratio. That's about it.

Finally, how does a retail investor play a market like Shanghai or India, particularly Shanghai because it's so close to outside investors?


You will be able to buy some ETF, exchange traded fund, and you are able to buy into some of the funds that is China-focused and I think that would be the best way for you to participate in the market but again, you will always have to look at any of your investment on the 12-month horizon. If you were just thinking about, you know, just like trading an individual stock punting the market, sometimes that is not gonna get you the return you are hoping for.

 

stand a good chance (of) v. 很有可能, 大有希望

exchange market  外汇市场

market capitalization  市场资本总值,市场资本总额,市值

liquidity 流动资金

hot money  n.  (为追求高额利润而流动的)短期流动资金

 热钱Hot Money)又称逃避资本,是充斥在世界上无特定用途的流动资金,是为追求最高报酬和最低风险,在国际金融市场上迅速流动的短期投机性资金,最大特点是流动、套利和投机。

一、国外热钱流入中国的动因

  近几年国外大量热钱涌入中国不是孤立和偶然的,有着很深的经济背景,是多重国内外因素形成的综合反应。

  1、西方发达国家资本过剩,到处追逐寻处投资获利场所,这种国际游资规模估计在5万亿美元左右。金融大鳄索罗斯就是其主要代表,他掌控的游资在3千亿美元以上。这些热钱对崛起的中国具有很高的逐利趋向。大多看好中国经济的发展前景,纷纷涌入中国投资办企业,从事资本运营,使中国成为世界上仅次于美国的第二大引资国。

  2、人民币汇率解冻后,两年多来升值的速度和幅度较大,外资大多看好人民币升值的空间和预期,纷纷把热钱投向中国。在他们看来,中国人民币有望成为世界货币,世界各币种中唯有人民币具有更大的升值空间。因而趋之若骛,争先恐后进入中国,炒作人民币,企图从人民币升值中获得更多的利益回报。这是外资热钱涌入中国的主要原因。

  3、最近美国经济受次贷危机影响出现衰退迹象,美元贬值,全世界油价上涨。相比之下,中国经济持续高速增长,期市、股市、房市中都有很多短期获利机会。近两年中美两国针对不同的形势,采取了相反的政策,如美元多次贬值,为刺激经济复苏,美联储五次降息;而中国人民币升值,为防经济过热,银行多次加息,银行准备金率已上调至16.5%,创历史新高,正在经济宏观调控之中。总之美国在防紧缩,中国在防通胀,相反的政策导向,使美元大量流向中国,增加中国外汇储备达到1.68万亿美元。凡此种种都为大量热钱涌入中国,提供了更多的客观因素。

二、外国热钱流入中国的渠道与方式

  国际游资逐利中国,大量热钱涌入,主要渠道有三个:

  一是中国加大改革开放力度,各省区竞相大规模从海外招商引资。一些外商通过注册投资公司或者以贸易公司的名义转入资金,有时多进资金,少建项目,减少境内采购设备,沉淀或藏匿一部分资金变成热钱,直接投入中国的房市和股市,从中获利。境内有的外资企业通过低报进口和高报出口的方式引入热钱,有的通过预收贷款或延迟付款等方式将资金截流在国内。有的还通过编制假合同来虚报货量出口引入热钱。资本项目下的FDI(外商直接投资)、证券投资、贸易信贷也有可能成为热钱流入的渠道。热钱FDI的名义流入,通过银行兑换成人民币之后,再投资于中国的股票市场和房地产市场,从中套利。

  二是现有在华的外资企业和合资企业,在企业运行中以固定资产更新或补充增加流动资金等方式,向在华企业过量注资,从中抽出一部分做为热钱投入中国的资本市场,运营获利。

  由于中国国内紧缩银根,压缩贷款规模,加之美国降息,外汇贷款利率已低于人民币贷款利率,导致国内大量企业(包括三资企业)融资转向外商直接投入和外汇贷款,这种吸入效应也刺激了热钱流入。

三是利用地下钱庄从中发挥沟通和中介作用,只需在境外交给地下钱庄外币,地下钱庄收到外币后,在境内按委托人指定的账户存入相应量的人民币,这样境外资金就进入境内了,地下钱庄从中收到手续费。以此为媒介和渠道,热钱流入中国。有的投资者通过地下钱庄等方式,把美元黑汇进来,在国内申购新股或购买国债、基金等,到期再伺机抽逃,把美元黑汇出去,从中获利。总之,外国热钱一般是通过经常项目、资本项目和地下钱庄三大渠道进入中国市场。

三、国外大量热钱涌入的后果与风险

  目前中国承受的热钱流入规模已超出当年亚洲金融危机前的规模,因此,必须意识到资本流动逆转给中国经济带来的风险。热钱流入规模已经开始影响我国中短期的金融形势。由于国际游资的投机天性,一有风吹草动就会快速抽逃,对国家金融和经济安全构成威胁。我们必须正确应对,严格监管,规避风险。

  1、境外热钱以种方式和名义进入中国,加大了中国的外汇储备量,目前已高达1.68万亿美元,估计其中2/3来自多年外贸顺差(出口大于进口量)的积累,1/3来自外国的大量热钱涌入,外汇储备过高,一则引发中国与多数进口国的外贸磨擦,成为全球反补贴、反倾销的头号打压国,贸易诉讼官司不断,加大了我国的外贸损失,估计至少也在300亿美元以上。西方国家频频拿外贸逆差找中国说事,也成为他们联合诋毁北京奥运会的经济原因。

  2热钱大量涌入中国,也加大了人民币升值的压力。热钱通过各种渠道涌入中国,重在炒作人民币升值的预期,旨在短期获利套现抽逃。热钱涌入与人民币升值是互促的联动关系。热钱为升值而来,加大了外汇储备量,引发更多的贸易磨擦和外贸风险,西方外贸逆差国会更加起劲地打击人民币升值,升值又会吸引更多的热钱涌入,从而形成恶性循环。按目前热钱流入的速度,到2009年可达到8000亿美元的规模,我们不得不防。

  3热钱大量流入中国,加剧国内的通货膨胀,弱化了政府宏观经济调控的力度和效果。热钱进入中国不会沉寂睡大觉,在等待人民币升值的同时,会投机性进入中国的房市和股市,前两年中国房地产火爆,价格上扬,股市牛气冲天,泡沫频现,不能说与大量热钱的兴风作浪不无关系。

  热钱的流入,削弱了我国目前固守的资本管制的有效性,扰乱了外汇市场秩序,热钱大量流入意味着经常项目和资本项目之间的流通已经被打开了通道,这就助长了人民币升值的压力。为了保持汇率的稳定,中央银行不得不购买外汇市场上溢出的外汇,从而增加了外汇占款和国内基础货币供应量。这样一方面通过货币的乘数效应,使得流通中的人民币迅速增加,推动通货膨胀;另一方面弱化了汇率调节外汇资金供求的功能,导致我国的货币政策相关调控效果减弱。

  4、谨防境外热钱在中国资本市场套利抽逃,为我们带来金融风险。我们要提高警惕,严加设防。

  我国的金融体系是一个逐步开放但又不十分成熟的市场,最怕就是外资的大进大出,从而造成本国经济的大起大落。从去年开始,美国引发次贷危机,外国金融机构在收入税减的情况下,有可能为了弥补损失而出售在华资产,把资金抽调回国。不少海外游资主体实际上是借贷投入中国市场,如果危机深化导致其还债能力削弱,他们也有可能加快抛售在华资产套现回流。

  最近两年,由于人民币的大幅升值,大量出口企业生产成本提高,利润空间缩小,有的已跌进亏损的边缘,再加上我国从去年调整企业所得税,外资企业所得税率由15%提高到24%左右。由此导致大量在华企业频临倒闭或外迁他国,从中国抽调资金出国。客观上也助长了外资撤离的规模和速度,影响中国的出口乃至整个经济的稳定发展。

  近期发现热钱已有从房地产领域撤退的迹象,今年初股市暴跌至3100点,也有外资抽调后的打压因素,为此要警惕各种内外综合压力下人民币被迫加速升值,而外资热钱借奥运会等利好机会从股市套现抽逃离场,这将给中国的金融体系带来严重的冲击和风险。

 

PE是指市盈率,PE=Price/Earnings(市盈率),也称为“利润收益率”,是某种股票普通股每股市价与每股盈利的比率,即:PE(市盈率)=每股市价/每股收益。市盈率把股价和利润联系起来,反映了企业的近期表现。如果股价上升,利润没有变化,甚至下降,则市盈率将会上升。市盈率是衡量股价高低和企业盈利能力的一个重要指标。由于市盈率把股价和企业盈利能力结合起来,其水平高低更真实地反映了股票价格的高低。


例如,股价同为50元的两只股票,其每股收益分别为5元和1元,则其市盈率分别是10倍和50倍,也就是说具当前的实际价格水平相差5倍。若企业盈利能力不变,这说明投资者以同样50元价格购买的两种股票,要分别在10年和50年以后才能从企业盈利中收回投资。但是,由于企业的盈利能力是会不断改变的,投资者购买股票更看重企业的未来。因此,一些发展前景很好的公司即使当前的市盈率较高,投资者也愿意去购买。预期的利润增长率高的公司,其股票的市盈率也会比较高。

例如,对两家上年每股盈利同为1元的公司来讲,如果A公司今后每年保持20%的利润增长率,B公司每年只能保持10%的增长率,那么到第十年时A公司的每股盈利将达到62元,B公司只有2.6元,因此A公司当前的市盈率必然应当高于B公司。投资者若以同样价格购买这家公司股票,对A公司的投资能更早地收回。

 

PB=Price/Book(市净率)。就是每股市场价格除每股净资产的比率。亦即是风险溢价值,表示你现在愿意用比现净资产值高的价格买进股票,当然啦!在熊市中,你经常都可以买到低于1PB值。在国际股票市场上,PB价值一般在2倍左右比较合理。

BVP=Book Value Per share(
每股的净资产值)。亦即是这间上市公司宣布破产时的现值。

retail investor  小额投资者,个人投资者,也就是常说的“散户”

ETF(Exchange Traded Funds)就是交易型开放式指数基金,指数股票型基金,是一种在交易所上市交易的证券投资基金产品,交易手续与股票完全相同。投资以上证50指数为标的的ETF基金产品,投资者的收益与上证50指数共命运,指数涨了,投资者就赚了;指数跌了,投资者就赔钱。ETF是兼具股票与基金特色的新金融商品。一来ETF是由基金公司发起与管理的基金,投资人不必自行选择投资标的。基金公司以一揽子股票为担保,将其分割为众多单价较低的投资单位,即ETF基金份额。普通投资者既可以在证券交易所像买卖股票一样买卖ETF,也可以通过赎回ETF单位换得所存托的一揽子股票。

上证50指数 是上证系列指数之一。上证系列指数为国内外普遍采用的衡量中国证券市场表现的权威统计指标。由上海证券交易所编制并发布的上证指数系列是一个包括上证180指数、上证50指数、上证综合指数、A股指数、B股指数、分类指数、债券指数、基金指数等的指数系列,其中最早编制的为上证综合指数。为推动长远的证券市场基础建设和规范化进程,20026月,上海证券交易所对原上证30指数进行了调整并更名为上证成份指数(简称上证180指数)。上证成份指数的编制方案,是结合中国证券市场的发展现状,借鉴国际经验,在原上证30指数编制方案的基础上作进一步完善后形成的,目的在于通过科学客观的方法挑选出最具代表性的样本股票,建立一个反映上海证券市场的概貌和运行状况、能够作为投资评价尺度及金融衍生产品基础的基准指数。上证50指数是根据科学客观的方法,挑选上海证券市场规模大、流动性好的最具代表性的50只股票组成样本股,以便综合反映上海证券市场最具市场影响力的一批龙头企业的整体状况。

基金:通俗地讲,投资基金就是汇集众多分散投资者的资金,委托投资专家(如基金管理人),由投资管理专家按其投资策略,统一进行投资管理,为众多投资者谋利的一种投资工具。投资基金集合大众资金,共同分享投资利润,分担风险,是一种利益共享、风险共担的集合投资方式。

 

证券投资基金就是通过向社会公开发行基金单位筹集资金,并将资金用于证券投资。基金单位的持有者对基金享有资产所有权、收益分配权、剩余财产处置权和其它相关权利,并承担相应义务。

 

投资基金运作流程:

1.投资者资金汇集成基金;

2.该基金委托投资专家——基金管理人投资运作;

其中,(1)投资者、基金管理人、基金托管人通过基金契约方式建立信托协议,确立投资者出资(并享有收益、承担风险)、基金管理人受托负责理财、基金托管人负责保管资金三者之间的信托关系。
2)基金管理人与基金托管人(主要是银行)通过托管协议确立双方的责权。

3.基金管理人经过专业理财,将投资收益分予投资者。

在我国,基金托管人必须由合格的商业银行担任,基金管理人必须由专业的基金管理人担任。基金投资人享受证券投资基金的收益,也承担亏损的风险。

更多基金知识:http://www.vsun.com/jjintro.htm

普特听力大课堂

and Japan, there isn't enough room  that  well.

 

that well 修饰there isn't enough room.

 

类似于not...that well的句型 e.g. she doesn't sing that well. 她唱得并没有那么好

区别是 这里换成了there be 句型。

 

另 好像没有听到as well中的as,固删.

 

仅供参考 :-)

 

 

 

1

评分次数

  • ghance

好栏目推荐之美国口语俚语

原帖由 Katelynn 于 2009-1-25 12:20 发表 and Japan, there isn't enough room  that  well.   that well 修饰there isn't enough room.   类似于not...that well的句型 e.g. she doesn't sing that well. 她唱得并没有那么好 ...

 

新年快乐

that well, 理论上说滴过去,但是感觉意思不太对

是说这个room既要enough, 还要well么?  难道是新房?

 

Japan isn't enough room for that as well

除了用In Japan, there isn't enough room for that as well更好外,偶觉得意思上挺通滴嘛

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